CBN Implements Stricter BVN Rules to Combat Fraud

The Central Bank of Nigeria (CBN) is set to enforce stricter regulations regarding the Bank Verification Number (BVN) system, aimed at building a more secure and stable financial environment. These new rules will take effect on May 1 and are designed to prevent fraudulent transactions within the financial system.

The CBN's Governor, Olayemi Cardoso, emphasized the importance of these measures in promoting financial stability. The updated framework includes the establishment of a temporary watchlist for BVN holders linked to suspicious transactions, which can remain active for a maximum of 24 hours.

Additionally, individuals under the age of 18 will be restricted from enrolling in the BVN system, and any changes to phone numbers linked to BVNs will be limited. The CBN's Director of Payment System Policy, Musa Jimoh, stated that these amendments are crucial for enhancing fraud monitoring and safeguarding the integrity of financial transactions in Nigeria.